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Jamuna Oil sold off its 1.58.200 shares on debut

Bangladesh state-owned oil marketing company Jamuna Oil increased about 95 times from its face value on debut Wednesday.

Bangladesh state-owned oil marketing company Jamuna Oil increased about 95 times from its face value on debut Wednesday. "It is the reflection of over-enthusiastic investors for the SoE's shares," said Yawer Sayeed, managing director and chief executive officer of the Aims of Bangladesh. The price level was irrational, he said adding that "We, however, welcome the entry of the SoE in the capital market."

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Cheap Rice for Bangladesh Workers

The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country.

The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country. The global economic crisis has dwindled the demand for the country's number one export, creating a surplus in the supply of the good. Selling it at a lower cost will not only ensure that inventories don't accumulate and eventually go to waste, but it also helps the financial situation of millions of workers who make less than $1 a day.

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DSE Index Back Above 2600-mark as Stocks Rally

The Dhaka Stock Exchange (DSE) rallied passed the 2600-mark as stocks continued to rally for the second-straight day.

The Dhaka Stock Exchange (DSE) rallied passed the 2600-mark as stocks continued to rally for the second-straight day. The DSE closed at 2604.72 with a gain of 30.24 points. The rally has been accredited to various measures led by the government - in particular state-owned financial institutions- in order to boost the confidence of investors. This news comes despite eight of the top ten gainers coming from the Z-category. Despite majority of the top-gainers coming from the Z-category overall the DSE General Index saw 179 out of 268 traded companies gain, whilst 83 declined and six remained unchanged.

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Bangladesh: Govt to Take Steps For Improving Communication System

Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country.

Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country. The minister further stated that while seeking to improve economic relations with India, Bangladesh realized the need for development of road and rail communications between the two countries. Projects to ameliorate transportation infrastructure between the two countries will also be included in the Ministry's future plans.

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US Fund Invests $67m in Bangladesh

Bangladesh's second biggest drug maker, Beximco Pharmaceutical, has received a $67 million investment from a US equity fund to boost production and exports.

Bangladesh's second biggest drug maker, Beximco Pharmaceutical, has received a $67 million investment from a US equity fund to boost production and exports. The investment marks the largest investment ever for Bangladesh's booming pharmaceutical sector. Beximco Pharmaceutical vice-chairman said, "The investment by a US fund reflects the tremendous confidence shown by foreign investors in the Bangladesh market."

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Asia Pharma Expo-2009 kicks off in Bangladesh's capital

The 2009 Asia Pharma Expo has begun in the capital of Bangladesh, Dhaka.

The 2009 Asia Pharma Expo has begun in the capital of Bangladesh, Dhaka. The annual event is held for world class pharmaceutical companies to display their products on a global stage. Nazmul Hassan, Secretary general of Bangladesh Association of Pharmaceutical Industry, has said "it is an event where all pharma sector insiders from across the world are invited to participate to share knowledge to further promote their position in global market." The event is a three day function attracting more than 400 pharmaceutical companies from 32 different countries. It is expected that over 8000 pharmaceutical professionals from around the globe will attend the event which will wrap up on Saturday.

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Bangladesh Hires Company to Design US$ 1.8 Billion Padma Bridge Project

Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge.

Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge. The design process is to start as the cabinet met in its first meeting on Monday. The estimated cost of the bridge is upwards of US$1.8 billion. This comes as another move to improve infrastructure within the nation. The firm that has won the designing project says designing alone will cost nearly US$ 20.3 million. The bridge is to be 6.01Km spanning from Mawa to Jaira across the massive Padma River. International lenders are to fund to project including Asian Development Bank, World Bank, Islamic Development Bank and the Japan Bank for International Cooperation.

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Bangladesh on Track to Hit Growth Target- Central Bank Chief

Bangladesh is back on track to reach a 6.5 percent economic growth rate as rising confidence has arisen from greater political stability and a promising crop forecast.

Bangladesh is back on track to reach a 6.5 percent economic growth rate as rising confidence has arisen from greater political stability and a promising crop forecast. The government initially stated that the economy could grow as little as 4.8 percent, however immediately revoked such statements. "The country is now poised to achieve 6.5 percent annual growth as envisaged in the current year's budget announced in June 2008," central bank governor Salehuddin Ahmed told reporters at his office on Wednesday. Later this was also revised and a growth rate of 6.2 percent was announced to be more likely taken into account the likely impact of the global financial crisis. Bangladesh, with a population of over 150 million people and the most densely populated country on the planet, produced similar growth rates during the previous fiscal year. This current year has begun with optimism as the country's "fairest elections in history" have allowed for what should be a relatively stable government after a long period of being guided by the caretaker government. Furthermore, the nation's agricultural crops will provied for a tremendous harvest, putting to rest issues of food security, in the short term at least.

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Swedish Hedge Fund to Invest in Bangladesh

Brummer & Partners, a Swedish hedge fund manager, has announced its plans to invest in Bangladesh stocks and private-equity investments.

Brummer & Partners, a Swedish hedge fund manager, has announced its plans to invest in Bangladesh stocks and private-equity investments. The company plans to grow the fund from $53 million to $500 million in the next five years. Brummer & Partners believe that Bangladesh might become one of the fastest growing economies in the region due to its large labor force and proximity to India and China.

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Bangladesh and Burma in Oil Row

Bangladesh sent diplomats to Myanmar in order to resolve a territorial dispute between both countries over the Bay of Bengal.

Bangladesh sent diplomats to Myanmar in order to resolve a territorial dispute between both countries over the Bay of Bengal. The bay is rich with natural resources including oil and natural gas, making it hard for either of these poor nations to back down easily.

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WB to Provide Bangladesh with $130m to Help Food Price-Hit Poor

The world bank has announced that it will provide a Us$130 million credit to Bangladesh in order to alleviate the pressure on the country's current budget.

The World Bank has announced that it will provide a Us$130 million credit to Bangladesh in order to alleviate the pressure on the country's current budget. Bangladesh's economy has been suffering from high food prices which has resulted in a 3% increase on the country's poverty rate. With the help of the World Bank, Bangladesh will be able to assist poor families and continue its social protection programs.

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Workers Pile Pressure for Pay in Bangladesh

Garment factory workers and trade union leaders are putting pressure on factory owners for the payment of their salary and bonuses by the 20th of Ramadan.

Garment factory workers and trade union leaders are putting pressure on factory owners for the payment of their salary and bonuses by the 20th of Ramadan. Some factory owners have not yet decided how much they will give in bonuses. Several trade union leaders have accused factory owners of purposely delaying giving out the bonuses.

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Bangladesh to get $170 million ADB loan for food

Bangladesh seeks help from the Asian Development Bank (ADB) to support the government food security after the hit by recent natural disasters in Bangladesh and the rapid increase in food prices

Bangladesh seeks help from the Asian Development Bank (ADB) to support the government food security after being hit by recent natural disasters and rapid increase in food prices. Asian Development Bank (ADB) will give $170 mm to cope with rising prices, particularly of food. The Manila-based bank will also provide $600,000 as a grant to help the government improve food security.

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Bangladesh Bank to Follow Expansionary Monetary Policy

Contrary to the International Monetary Fund's (IMF) advice, Bangladesh Bank announced that it would continue to follow the expansionary monetary policy.

Contrary to the International Monetary Fund's (IMF) advice, Bangladesh Bank announced that it would continue to follow the expansionary monetary policy. The IMF had suggested the bank go the route of monetary tightening to curb rising inflation. However, Bangladesh Bank Governor Dr Salehuddin Ahmed claimed that monetary tightening would hamper the country's aim of growth and poverty reduction.

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Foreign Investment in Bangladesh EPZs Grows 100pc in FY08

In Bangladesh's export processing zones (EPZs), foreign investment grew to $302 million in the 2007-08 fiscal, up from $152 million last year.

In Bangladesh's export processing zones (EPZs), foreign investment grew to $302 million in the 2007-08 fiscal, up from $152 million last year. Low labor costs and easy access to Asian markets are among the reasons for the surge in foreign investment. Because countries like Taiwan, Singapore, Malaysia, and Korea faced high labor and manufacturing costs in their own counties, they opted to invest in EPZs.

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NBR Is Trying to Avoid Corruption and Hassle in the Taxation System

The National Board of Revenue is working to further free the taxation system from any hassle and corruption in order to motivate people to pay taxes voluntarily.

The National Board of Revenue is working to further free the taxation system from any hassle and corruption in order to motivate people to pay taxes voluntarily. The NBR chairman called attention to accountability and transparency in tax collection by the government officials.

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Intense Crisis of Bank Notes and Coins in Meherpur

There is a deficiency of adequate number of coins and bank notes that has taken the citizens into an unusual situation as they can not pay their dues in full.

There is a deficiency of adequate number of coins and bank notes that has taken the citizens into an unusual situation as they can not pay their dues in full. Temporarily a rumor of demonetizing the bank notes has caused a new problem as only few are admitting it.

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Bangladesh Cuts Development Spending by USD 593 Million

Bangladesh has announced a cut to development spending by nearly 18 percent to USD 593 million.

Bangladesh has announced a cut to development spending by nearly 18 percent to USD 593 million. The shift is blamed on the low implementation of the allocated of the funds. Economists around the world have commented on the doubtful nature of the new target. The cuts have mainly affected the power, health, education, agriculture and transport sectors.

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15 Oil Firms Interested in Bidding for Gas Exploration Rites in Bay of Bengal

The chairman of Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) has reported that 15 companies have shown interest in bidding for the exploration rights in the offshore gas fields in the Bay of Bengal.

The chairman of Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) has reported that 15 companies have shown interest in bidding for the exploration rights in the offshore gas fields in the Bay of Bengal. After the completion of the bidding process, a Production Sharing Contract agreement would be signed with the suitable oil exploring companies in October of this year.

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Bangladesh Re-Rolling Mills Hit Hard Due to Lack of Raw Materials

The recent high prices and lack of raw materials has forced nearly 100 of Bangladesh's steel re-rolling mills to close in the past two years.

The recent high prices and lack of raw materials has forced nearly 100 of Bangladesh's steel re-rolling mills to close in the past two years. The result has been the loss of tens of thousands of jobs. The closure of the mills has been caused by a sharp increase in global demand for scrap metal and a sharp decline in Bangladesh's ship breaking industry. The unavailability of scrap metal from the ship breaking industry has been blamed on China's massive recent involvement in the industry and growing environmental concerns about the industry.

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Asian Development Bank Expects Bangladesh Economic Turnaround

The Asian Development Bank has predicted that Bangladesh will see a turnaround in its economy in the second half of the 2007-08 fiscal years as business confidence returns.

The Asian Development Bank has predicted that Bangladesh will see a turnaround in its economy in the second half of the 2007-08 fiscal years as business confidence returns. The Asian Development Bank said the growth outlook points to the need to boost the business confidence, restore flood and cyclone-affected infrastructure and livelihoods and also augment the external competitiveness.

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Bangladesh’s Public and Private Airlines Fight over India Deal

Bangladesh's flag carrier Biman has protested the recent Indo-Bangla air services deal that allows more flights between India and Bangladesh.

Bangladesh's flag carrier Biman has protested the recent Indo-Bangla air services deal that allows more flights between India and Bangladesh. The pact allows Bangladeshi airlines to operate flights to 18 destinations in India and Indian airline Air India to operate flights from Sylhet for the first time. Biman Bangladesh officials however said the agreement will benefit India, not Bangladesh. They claim that India will receive more benefits than Bangladesh because more passengers will be carried through India to Europe and the US.

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Bangladesh Firms Begin Shipbuilding for International Buyer

Western Marine Shipyard Ltd entered into the global shipbuilding market when the Bangladesh company began construction on two ocean going ships to be exported to Denmark.

Western Marine Shipyard Ltd entered into the global shipbuilding market when the Bangladesh company began construction on two ocean going ships to be exported to Denmark. Earlier in the week, Anada Shipyard and Slipways announced a USD 200 million order from Denmark, Germany and Mozambique. The annual volume of the global shipbuilding industry currently hovers around USD 1.522 billion. Bangladesh has a competitive edge over its Asian rivals (Korea, Japan, China, Singapore, Malaysia and Vietnam) because its cheap and naturally expert workforce.

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Bangladesh Ends State-Run Monopoly of International Calls

Bangladesh ended the BTTB state-run monopoly over international phone calls with three local companies winning bids to set up international gateways to handle phone calls to and from Bangladesh.

Bangladesh ended the BTTB state-run monopoly over international phone calls with three local companies winning bids to set up international gateways to handle phone calls to and from Bangladesh. Novotel Limited, Mir Telecom and Bangla Trac Communications Ltd were the winner after a 26-hour auction. Originally, 31 firms vied to set up the three international exchanges and will share 65 percent of the revenue.

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Bangladesh Opens Offshore Locations for Exploration

Petrobangla has announced that the 2008 bidding for offshore gas and exploration has begun and will be inviting offers from international companies by May 7.

Petrobangla has announced that the 2008 bidding for offshore gas and exploration has begun and will be inviting offers from international companies by May 7. In recent years, India has explored the Bay of Bengal and discovered 100 trillion cubic feet of gas and two billion barrels of oil. Petrobangla has been preparing this block since early 2006. As per the contract, the contractor will give a carried stake of 10 percent to the government only for shallow offshore blocks, and will enjoy the provision for assignment, 100 percent cost recovery, and maximum 55 percent cost recovery per calendar year. Petrobangla also declared the evaluation features. The bidder will have the authority to operate in at least one offshore acreage and offshore production of 25000 barrels of oil equivalent (BOE), biddable work program commitment over and above the mandatory program, and bank guarantee for performance of minimum exploration program.

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80 Percent of Micro-Finance Institutions in Bangladesh Found Ineligible for License

A top government official in Bangladesh has reported that nearly 80 percent of micro-finance institutions (MFIs) have been found ineligible for license due to a failure to meet the criteria set by the Micro-credit Regulatory Authority.

A top government official in Bangladesh has reported that nearly 80 percent of micro-finance institutions (MFIs) have been found ineligible for license due to a failure to meet the criteria set by the Micro-credit Regulatory Authority. As per Bangladesh law, no MFI is allowed to do its business without license from the regulatory body. The cause for most denials is that most institutions are so small that they would be unsustainable in the future. Bangladesh is known globally for pioneering micro-credit activities. Many countries later adopted the idea to bolster their poverty alleviation efforts. Micro-credit is a nation-wide activity in Bangladesh. The issue of a regulatory framework came to the forefront a couple of years ago because MFIs had been providing credits to the poor defying the formal banking system.

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Bangladesh Remittances Expected to Exceed USD 7 Billion in 2008

Bangladesh is expecting that remittances from Bangladeshi citizens working abroad could read USD 7 billion in 2008.

Bangladesh is expecting that remittances from Bangladeshi citizens working abroad could read USD 7 billion in 2008. According to Bangladesh statistics, the country received USD 6 billion in remittances in the last year, which made up 13 percent of the gross domestic product. Bangladesh is currently among the top 15 countries that receives remittances and soon could be in the top 10. 30 percent of Bangladesh's remittances come from workers from Saudi Arabia, 15 percent from the USA and 10 percetn from the UK.

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Bombay Sweets goes for IFS Sri Lanka

IFS Sri Lanka has linked up with the largest food and beverage producer in Bangladesh, Bombay Sweets & Co Ltd.

IFS Sri Lanka has linked up with the largest food and beverage producer in Bangladesh, Bombay Sweets & Co Ltd. IFS will implement manufacturing and process centered solutions to Bombay Sweets & Co. Ltd., Bangladesh. IFS Sri Lanka will provide supply chain management solutions, financial management solutions, manufacturing solutions, quality and standard management solutions, human resource management solutions to Bombay Sweets which has been in business for a long period.

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President for increasing bilateral trade between

immense potentials to increase bilateral trade between Bangladesh and Kyrgyzstan.

President Prof Dr Iajuddin Ahmed on Monday said that there are immense potentials to increase bilateral trade between Bangladesh and Kyrgyzstan. Bangladesh has been producing world class pharmaceutical goods, melamine, garments and jute goods and Kyrgyzstan could be benefiting using Bangladeshi products. Both countries have their strengths and weakness. Bangladesh has education facilities offering world class engineering, medical and science and technology education which Kyrgyz envy. Kyrgyzstan has expertise in the field of hydroelectric project, which can be used in Bangladesh to solve its power problems.

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Bangladesh Livestock Industry Suffers

As a result of the recent cyclone, the Bangladesh livestock industry suffered a USD 42.9 million loss.

As a result of the recent cyclone, the Bangladesh livestock industry suffered a USD 42.9 million loss. In four severely effected areas, nearly 2.2 million poultry and over 10,000 cattle were killed. The cyclone hit on November 15 and the loss including infrastructure, livestock and crops is estimated to be at USD 2.31 billion.

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Asian Development Bank Lowers Bangladesh GDP Expectations

Asian Development Bank reduced its prediction of Bangladesh's GDP from 6.5 percent to below 6 percent.

As a result of floods and the recent cyclone, the Asian Development Bank reduced its prediction of Bangladesh's GDP from 6.5 percent to below 6 percent. The prediction had already been lowered once in September due to two floods which resulted in a loss of USD1.4 billion. 38 percent of the paddy crops were destroyed in the cyclone. The ADB and other donor organizations will provide Bangladesh with a USD120 million soft loan to help the country begin to recover.

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Bangladesh 4th Highest in Piracy

Global Software Piracy Study 2006 states that Bangladesh has a piracy rate of 92 percent, making it the highest in the Asia Pacific Region and forth in the world.

Global Software Piracy Study 2006 states that Bangladesh has a piracy rate of 92 percent, making it the highest in the Asia Pacific Region and forth in the world. The report said, "Among the many negative consequences of software piracy is the crippling of local software industries because of competition with pirated software, lost tax revenues and decreased business productivity from using unwarranted software." Currently, the amount of pirated software used on personal computers is 92 percent. Bangladesh has a copyright law which can punish offenders with up to five years in prison and a fine of BDT500,000.

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Bangladesh to Begin Plans for Metro System

Bangladesh officials in the Board of Investment will soon open up bidding for it's new metro.

Bangladesh officials in the Board of Investment will soon open up bidding for it's new metro. The capitol, which is highly congested, will get an underground railway in five years at a cost of USD1 billion. The subway will have six lines and the capability to transport nearly 90,000 people an hour. The government is hoping to receive offers that could recoup their costs over three decades through fares.

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Bangladesh to Recieve USD150 million Loan

Bangladesh will receive USD150 million loan from the Asian Development Bank.

The loan will financially support the good governance program, which seeks to support the government with anti-corruption reforms, accountability and promoting integrity. The program is estimated to cost UDS170 and will help the government implement the necessary policies for governmental reform. The ADB has been supporting development in Bangladesh since it became a member in 1973 providing the country with a total of nearly USD8.76 billion in assistance.

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Record Growth in Bangladesh Market Causes Concern

The surging Bangladesh market has aroused worry among Bangladesh officials who are warning investors about the unsustainable gains of the market.

The surging Bangladesh market has aroused worry among Bangladesh officials who are warning investors about the unsustainable gains of the market. In the past year, the market has risen 145 percent as a result of the corruption crackdown. The corruption caused numerous businesses to become reluctant to take loans thus leaving the banks with excess money that they have invested in the market. As nearly 150 recognizable figures have been arrested in the corruption crackdown, the economy is clearly in trouble. The countries textile exports, its lifeline, dropped about 24 percent in July. Securities and Exchange Commission of Bangladesh's Executive Director Mansur Alam has said, "What is happening in the market is unusual and very frightening…We have warned investors to be very careful. It's very risky to invest now."

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Carin Energy to Sell Parts of Bangladesh Exploration

Carin Energy has made plans with Santos, an Australia Oil and Gas exploration group, to sell part of its operations in Bangladesh for USD70 million.

Carin Energy has made plans with Santos, an Australia Oil and Gas exploration group, to sell part of its operations in Bangladesh for USD70 million. Two 37.5 percent interest block will be given to Santos and a 45 percent interest in exploration in Capricorn's blocks 5 and 10. USD50 million will be paid up front and USD20 million will be paid in phases.

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Beauty Spa Expands to Bangladesh

Thai beauty spa firm, Princess Beauty & Spa Co, and the Westin Dhaka Hotel will form a joint venture to open franchises in Bangladesh.

Thai beauty spa firm, Princess Beauty & Spa Co, and the Westin Dhaka Hotel will form a joint venture to open franchises in Bangladesh. The new spa, that will be located in a Westin hotel, will cost BDT20 million. They are expected to gain support from numerous foreign investors and predict sales of BDT36 million in the first year. Kanokporn Khemataechit, President of Princess Beauty & Spa BD Limited, hopes that Princess will be able to expand throughout Westin's global network. She has expressed the need to franchise in order to promote and speed up global growth, "We will stop expanding on our own from now on. Instead, we'll shift to expanding through a franchise system because it will help speed up the process."

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Bangladesh-Laos Trade Expansions

During the Bangladesh-Laos Trade discussions, Laos stated that its country is planning to import agro cultural, constructions, health and other products from Bangladesh and

During the Bangladesh-Laos Trade discussions, Laos stated that its country is planning to import agro cultural, constructions, health and other products from Bangladesh and also intend to conduct joint ventures with the Bangladeshi business organizations. Laos and Bangladesh are planning to establish stronger cooperation in trade, investments as well as tourisms.

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Bangladesh Bans Foreign Workers

Foreign workers cannot work in Bangladesh for longer than 5 years.

Foreign workers cannot work in Bangladesh for longer than 5 years. In an attempt to provide more jobs for the impoverished locals, The Bangladesh Board of Investment, issued the ban, which does not apply to diplomats or non-commercial services. There are nearly 100,000 foreigners holding commercial jobs, while only 10,000 of them have permits. One official has said, "From now on, no unskilled foreign national whose monthly earnings are less than $500 will be allowed to work in industrial firms with complete foreign ownership or set up under joint venture."

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Bangladesh Seeks Money from World Bank

In order to continue with its development and reform plans for the year, Bangladesh is seeking USD1,623 million from the World Bank.

In order to continue with its development and reform plans for the year, Bangladesh is seeking USD1,623 million from the World Bank. A report done by the Economic Relations Division will be offering the World Bank a report of how the previous World Bank assistance is being used. The World Bank promised Bangladesh USD1,590 million; however, it has only given USD819 million. If the Bank grants Bangladesh's request, it will be the largest assistance given to a country in a single fiscal year.

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4th Private Airline to Enter Bangladesh

As the air travel market grows in Bangladesh, it will soon acquire a forth private airline.

As the air travel market grows in Bangladesh, it will soon acquire a forth private airline. Domestic fights are set to begin in four weeks while flights from London to Bangladesh should start by the end of the year. London based, Royal Bengal Airlines, has purchased one Dash-8 plane and is hoping to purchase more. The state owned Biman Bangladesh is suffering economically and cancelling numerous routes making it a lucrative time for private airlines to enter Bangladesh. Biman currently have three domestic routes and no longer had flights to New York, Tokyo, Paris, Brussels, Mumbai and Frankfurt.

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Jobs Created in Bangladesh Due to Development Project

The Finance for Enterprise Development and Employment Creation Project will benefit nearly 100,000 Bangladeshis.

The Finance for Enterprise Development and Employment Creation Project will benefit nearly 100,000 Bangladeshis. The project will provide credit to small businesses run by the poor who are afraid of the risks of taking out small loans. Small business will receive training on how to add value to their products, as part of the project. The project is also expected to create nearly 200,000 jobs for the poor. The International Fund for Agricultural Development (IFAD)will provide a USD35 million loan. Nigel Brett, a country program manager for the IFAD said, ""The microenterprises create vital jobs for much poorer people."

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Bangladesh Fines GrameenPhone USD24.5 Million

GrameenPhone, a subsidiary of Telenor, has been fined USD24.5 million for ignoring laws stating private operators had to use state-owned Bangladesh Telegraph and Telephone Board

GrameenPhone, a subsidiary of Telenor, has been fined USD24.5 million for ignoring laws stating private operators had to use state-owned Bangladesh Telegraph and Telephone Board (BTTB) to ensure millions in tariffs go to the state. GrameenPhone had been using Voice Over Internet Protocol and they had agreed that this had deprived the government of money. Being the largest private enterprise in Bangladesh, GrameenPhone has created 240,000 jobs and contributed almost USD650 million to the struggling nations economy.

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Negotiations Between Bangladesh and Asia Energy Might Continue

Bangladesh officials could re-open talks about an open-pit mine deal worth nearly USD1.4 billion, with Asia Energy, a British company.

After a protest last August, which resulted in five deaths, Bangladesh officials could re-open talks about an open-pit mine deal worth nearly USD1.4 billion, with Asia Energy, a British company. The government would need to confirm its coal policy as well as determine which terms in the contract need to be changed. While activists claim that nearly 100,000 people would need to be relocated, Asia Energy believes the number to be 40,000, whom they are prepared to compensate fully. Another project which is still pending due to uncertainty was a natural gas project for Indian based Tata. Tata wanted to build 2.4 million-tonne steel plant, a coal mine, a fertilizer plant and two power plants, a USD3 billion investment.

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Bagladesh to Recieve More USAID Funding

Bangladesh may receive more money from US Agency for International Development as long as it spends it according to how the US sees fit.

Bangladesh may receive more money from US Agency for International Development as long as it spends it according to how the US sees fit. If US congress approves, then USAID will send nearly USD110 million to help in development, including organizing democratic elections, investing in human development and fighting corruption. Denise Rollins, Mission Director of USAID Bangladesh, said the interim government is taking steps that will help support it becoming a candidate for the Millennium Challenge Corporation's threshold program.

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Cairn Investing GBP60 Million into Off-Shore Drilling in Bangladesh

Cairn Energy is looking to put GBP20 million into development drilling and exploration in the gas fields in the Bay of Bengal.

Cairn Energy is looking to put GBP60 million into development drilling and exploration in the gas fields in the Bay of Bengal. It is proven that Bangladesh currently has 13.54 trillion cubic feet of unrecoverable gas. Cairn is ready to drill two wells in Magnama and one in Hatiya. The only offshore gas field in Bangladesh is operated by Cairn, which has now invested approximately GBP400 million. It is planning on continuing to look for oil fields in Bangladesh as well as India, where it will be investing a predicted GBP800 million.

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Bangladesh, Not an Easy Place to do Business

Bangladesh moved down to the 107th position in terms of the ease of business in the country reports a survey by the International Finance Corporation and the World Bank.

As a result of bad governance by the previous government, Bangladesh moved down to the 107th position in terms of the ease of business in the country reports a survey by the International Finance Corporation and the World Bank. It is thought that under the new government, the business environment will improve. Bangladesh also fell behind in ease of starting a business, property registration cost and cost of starting a business. The new government already has plans to fix the country's looming economic problems such as the construction of a port and an anti-corruption drive.

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BIMSTEC Negotiates Free Trade in Bangladesh

The formation of a free trade bloc being discussed by Bangladesh's trade negotiation committee.

The formation of a free trade bloc is being discussed today by Bangladesh's trade negotiation committee. Political changes in Thailand caused the move to be stalled last year; however, it would appear that the leadership would like to continue to move forward with the free trade agreement among the member countries of the Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC). It is hoped that negotiators attending the 3-day meeting will be successful in clearing up issues involving rules of origin, local value addition content of exportable products as well as arbitration adjustments and customs formalities.

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Bangladesh receives Wheat Worth AUD 14 Million From Australia

In order to support Bangladesh's food programs for people living in extreme poverty, the Australia has donated 38,550 tonnes of wheat with an overall value of AUD 14 Million.

In order to support Bangladesh's food programs for people living in extreme poverty, the Australia has donated 38,550 tonnes of wheat with an overall value of AUD 14 Million. The food contribution will mainly be used to support the Vulnerable Group Development and School Feeding Program of Bangladesh. Overall, more than 600,000 people will benefit from this particular donation.

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Bangladesh: Franco Interests Eager for Alternative Energy

Country Director of French energy conglomerated Areva is keen to establish alternative energy plans in Bangladesh. Dhruv Pant, the director of Areva's Transmission and Distribution in Bangladesh, said that the French company is looking to expand its activities in the country and has plans to establish energy plants capable of exploiting solar or wind power, with bio-mass power plants a more likely and suitable solution. Director Pant went on to say that, "Bangladesh should develop alternative energy plants on a larger scale to reduce dependency on the main energy resources of the country, natural gas."

While attending a luncheon meeting in Dhaka alongside the president of France Bangladesh Chamber of Commerce and Industry, Syed Farhad Ahmed, and French Ambassador to Bangladesh, Jacques Andre Costihes, Country Director of French energy conglomerated Areva is keen to establish alternative energy plans in Bangladesh. Dhruv Pant, the director of Areva's Transmission and Distribution in Bangladesh, said that the French company is looking to expand its activities in the country and has plans to establish energy plants capable of exploiting solar or wind power, with bio-mass power plants a more likely and suitable solution. Director Pant went on to say that, "Bangladesh should develop alternative energy plants on a larger scale to reduce dependency on the main energy resources of the country, natural gas."

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bangladesh

Bangladesh and India to Sign Memorandum to Revitalize Exports

Amidst a sharp decrease in Bangladesh's ready-made garments exports, the country has signed a memorandum of understanding (MoU) with India for the duty-free export of eight million units of ready-made garments. The decreasing number of exports followed labor unrest attributed to poor working conditions and a failure to revise wages as well as political turmoil. The president of Bangladesh Garment Manufacturers and Exporters Association blamed the fall in exports to a weakened US economy and factories being damaged by rioting.

Amidst a sharp decrease in Bangladesh's ready-made garments exports, the country has signed a memorandum of understanding (MoU) with India for the duty-free export of eight million units of ready-made garments. The decreasing number of exports followed labor unrest attributed to poor working conditions and a failure to revise wages as well as political turmoil. The president of Bangladesh Garment Manufacturers and Exporters Association blamed the fall in exports to a weakened US economy and factories being damaged by rioting.

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Philippines Imports Medicine from Bangladesh

The Philippines, whose pharmaceutical market is mostly dependent upon imported medicines, has begun importing medicine from Bangladesh's Beximco Pharmaceuticals Ltd. The country is the fifth member or the Association of Southeast Asian Nations (ASEAN) to import Beximco's drugs.

The Philippines, whose pharmaceutical market is mostly dependent upon imported medicines, has begun importing medicine from Bangladesh's Beximco Pharmaceuticals Ltd. The country is the fifth member of the Association of Southeast Asian Nations (ASEAN) to import Beximco's drugs.

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bangladesh

Bangladesh-Pakistan Hold Secretary-Level Consultations

The Bangladesh-Pakistan annual foreign secretary-level meeting will have free trade agreements and direct shipping links high on the agenda list. One of the biggest aims of this year's meeting is to revitalize bilateral trade between the two countries. Included in the discussion would be the selection of particular commodities to fall under the trade agreement as well as possible elimination of non-tariff barriers.

The Bangladesh-Pakistan annual foreign secretary-level meeting will have free trade agreements and direct shipping links high on the agenda list. One of the biggest aims of this year's meeting is to revitalize bilateral trade between the two countries. Included in the discussion would be the selection of particular commodities to fall under the trade agreement as well as possible elimination of non-tariff barriers.

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bangladesh

Cell Phone Service Provider Comes to Bangladesh

Warid Telecom, a cellphone service provider, has announced that it will offer its services in Bangladesh within one year.

Warid Telecom, a cell phone service provider, has announced that it will offer its services in Bangladesh within one year. According to the CEO of Warid, Bashir A. Tahir, the cell phone technology will be state-of-the-art and highly competitive. Tahir went on to say that Warid will offer the best customer service of any cellphone provider in Bangladesh.

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bangladesh

Bangladesh Government to Auction Off Licenses

The chairman of Bangladesh Telecommunication Regulatory Commission has announced the Bangladeshi government's plans to auction off three international gateway licenses and two interconnection exchange licenses among private operators. The auction will take place in October, and no foreign operators or joint ventures with foreign companies will be allowed to apply.

The chairman of Bangladesh Telecommunication Regulatory Commission has announced the Bangladeshi government's plans to auction off three international gateway licenses and two interconnection exchange licenses among private operators. The auction will take place in October, and no foreign operators or joint ventures with foreign companies will be allowed to apply.

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bangladesh

Myanmar and Bangladesh Officials to Meet, Third Time in Three Months

The business relationship between Myanmar and Bangladesh seems to be stabilizing as Myanmar's Senior General Maung Aye plans to pay a visit to Bangladesh on September 10. Aye will be visiting Chief Advsior Fakhruddin Ahmed to discuss enhancing bilateral cooperation between the two countries. A diplomatic source said: "The visit will hopefully pave the way for building a solid relationship between the two next-door neighbours."

The business relationship between Myanmar and Bangladesh seems to be stabilizing as Myanmar's Senior General Maung Aye plans to pay a visit to Bangladesh on September 10. Aye will be visiting Chief Advsior Fakhruddin Ahmed to discuss enhancing bilateral cooperation between the two countries. A diplomatic source said: "The visit will hopefully pave the way for building a solid relationship between the two next-door neighbours."

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bangladesh

Bangladesh Reviews Indian Sensitive List of Products

Bangladesh's government is planning to request that the Indian government reduces the number of Bangladeshi goods on the sensitive list prepared for trade under the South Asian Free Trade Area (Safta). India has requested 744 products to be on the sensitive list and a Bangladeshi inter-ministerial committee is meeting to finalize their list of products to be submitted to India.

Bangladesh's government is planning to request that the Indian government reduces the number of Bangladeshi goods on the sensitive list prepared for trade under the South Asian Free Trade Area (Safta). India has requested 744 products to be on the sensitive list and a Bangladeshi inter-ministerial committee is meeting to finalize their list of products to be submitted to India.

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bangladesh

Bangladesh Bank to Sell Oriental Bank Shares

Bangladesh's central bank has announced its plan to sell 57 percent of Oriental Bank's paid-up capital through an open tender. Under the central bank's scheme, the amount of shares bought by any account holder will be proportional to the size of their account. Once the shares are bought, the Oriental Bank will start repaying shareholders after a certain date determined by the central bank.

Bangladesh's central bank has announced its plan to sell 57 percent of Oriental Bank's paid-up capital through an open tender. Under the central bank's scheme, the amount of shares bought by any account holder will be proportional to the size of their account. Once the shares are bought, the Oriental Bank will start repaying shareholders after a certain date determined by the central bank.

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bangladesh

Asian Development Bank Reports Bangladesh Growth Problems

The Asian Development Bank (ADB) has reported that there are certain obstacles that may slow Bangladesh's growth and keep them from achieving their targeted economic growth of 7 percent. The ADB points to rising inflation, slow investment, and high global oil prices as potential problems. Also, if current flooding problems persist, food prices will inevitable increase which could have a negative impact on the economy.

The Asian Development Bank (ADB) has reported that there are certain obstacles that may slow Bangladesh's growth and keep them from achieving their targeted economic growth of 7 percent. The ADB points to rising inflation, slow investment, and high global oil prices as potential problems. Also, if current flooding problems persist, food prices will inevitable increase which could have a negative impact on the economy.

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bangladesh

Bangladeshi Businessman Plans to Build Myanmar-Bangladesh Gas Pipeline

Syed Mahmudul Huq, a businessman from Bangladesh, has already expressed his intention of importing gas to Bangladesh from Myanmar's Rakhine State through a pipeline. "A consortium comprising private sector entrepreneurs is ready to import gas from Rakhine in Myanmar. I don't want to wait for donors' suggestions or their money," Huq said. Huq said the imported gas will be used for producing fertilizer.

Syed Mahmudul Huq, a businessman from Bangladesh, has already expressed his intention of importing gas to Bangladesh from Myanmar's Rakhine State through a pipeline. "A consortium comprising private sector entrepreneurs is ready to import gas from Rakhine in Myanmar. I don't want to wait for donors' suggestions or their money," Huq said. Huq said the imported gas will be used for producing fertilizer.

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bangladesh

Possibility of Bangladesh Foreign Direct Investment in India

India's Minister of State for Commerce is confident that Bangladeshi companies will soon have the opportunity to invest in India. There is currently a ban on foreign direct investment from Bangladesh into India, but according to the minister, if Bangladesh's government approves Tata Group's investment proposal, relations between the two countries would quickly improve.

India's Minister of State for Commerce is confident that Bangladeshi companies will soon have the opportunity to invest in India. There is currently a ban on foreign direct investment from Bangladesh into India, but according to the minister, if Bangladesh's government approves Tata Group's investment proposal, relations between the two countries would quickly improve.

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bangladesh

Bangladesh Fails to Meet Projected Export Growth for 2007

Although there was a significant rise in the volume of goods exported from Bangladesh this fiscal year, total earnings did not meet the projected target of USD 12.5 billion. Export growth was strong (20 percent) until March 2007 but fell to only 9.5 percent this past June. The worst exports for Bangladesh were jute goods, raw jute, agri-products, petroleum products, bicycle, textile fabrics, electronics, and tea.

Although there was a significant rise in the volume of goods exported from Bangladesh this fiscal year, total earnings did not meet the projected target of USD 12.5 billion. Export growth was strong (20 percent) until March 2007 but fell to only 9.5 percent this past June. The worst exports for Bangladesh were jute goods, raw jute, agri-products, petroleum products, bicycle, textile fabrics, electronics, and tea.

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bangladesh

India's Mittal Group to Invest in Bangladesh's Energy Sector

Global Oil and Energy Ltd., a subsidiary of India's Mittal Group, signed a memorandum of understanding (MoU) with the Board of Investment of Bangladesh to invest USD 2.9 billion in many different Bangaldeshi sectors. The investment will go towards developing Bangladesh's energy sector with a focus on the petrochemical industry. Mittal Group's chairman hopes to complete the formalities needed to start the projects by the end of this fiscal year.

Global Oil and Energy Ltd., a subsidiary of India's Mittal Group, signed a memorandum of understanding (MoU) with the Board of Investment of Bangladesh to invest USD 2.9 billion in many different Bangaldeshi sectors. The investment will go towards developing Bangladesh's energy sector with a focus on the petrochemical industry. Mittal Group's chairman hopes to complete the formalities needed to start the projects by the end of this fiscal year.

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bangladesh

Bangladesh's Dhaka Stock Exchange At All-Time High

The Dhaka Stock Exchange General Index, the benchmark index of Bangladesh's premier bourse, closed at an all-time high of 2422.54 points. The good performance of shares in bank, pharmaceutical, and power companies helped the index cross 2400 points. Investors were encouraged after promising financial reports were released by the listed companies.

The Dhaka Stock Exchange General Index, the benchmark index of Bangladesh's premier bourse, closed at an all-time high of 2422.54 points. The good performance of shares in bank, pharmaceutical, and power companies helped the index cross 2400 points. Investors were encouraged after promising financial reports were released by the listed companies.

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bangladesh

Myanmar to Build a Deep-Sea Port for Trade with India and Bangladesh

Myanmar is planning to build a deep-sea port in an effort to promote maritime trade and serve as a transit unit for goods to be transported to Yangon, Myanmar; Kolkata, India and Chittagong, Bangladesh. The port will be located in Kyaukphyu in Rakhine State and will be built by private-sector company AsiaWorld, which has already surveyed the site.

Myanmar is planning to build a deep-sea port in an effort to promote maritime trade and serve as a transit unit for goods to be transported to Yangon, Myanmar; Kolkata, India and Chittagong, Bangladesh. The port will be located in Kyaukphyu in Rakhine State and will be built by private-sector company AsiaWorld, which has already surveyed the site.

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bangladesh

China and Bangladesh Agree to Strengthen Bilateral Trade

The Dhaka Chamber of Commerce and Industry (DCCI) and the Chinese Embassy in Dhaka organized a business meeting to discuss the future of Bangladesh-China bilateral trade. Chinese companies signed agreements with twelve Bangladeshi companies to purchase goods worth USD 53 million. If the pace of trade continues, the two countries hope that trade will reach USD 5 billion by 2010.

The Dhaka Chamber of Commerce and Industry (DCCI) and the Chinese Embassy in Dhaka organized a business meeting to discuss the future of Bangladesh-China bilateral trade. Chinese companies signed agreements with twelve Bangladeshi companies to purchase goods worth USD 53 million. If the pace of trade continues, the two countries hope that trade will reach USD 5 billion by 2010.

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bangladesh

FDI in Bangladesh Needs Adjustment

Although Bangladesh is currently very attractive to foreign investors, foreign direct investment (FDI) has been concentrated in sectors such as telecommunications, banking service, or gas and oil exploration, which do not help expand and develop the country's economy. The United Nations suggests that to escape poverty, the least developed countries (LDCs) should focus on policies that will help narrow the widening technology gap that exists between the LDCs and developed countries.

Although Bangladesh is currently very attractive to foreign investors, foreign direct investment (FDI) has been concentrated in sectors such as telecommunications, banking service, or gas and oil exploration, which do not help expand and develop the country's economy. The United Nations suggests that to escape poverty, the least developed countries (LDCs) should focus on policies that will help narrow the widening technology gap that exists between the LDCs and developed countries.

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Bangladesh Bank Announces New Housing Scheme

The Bangladesh Bank introduced a housing scheme to help low- and middle-income people in Bangladesh who do not own a house or an apartment. According to the bank, any person with a monthly income less than BDT 30,000 will able to receive a loan with a low interest rate (10 percent) to buy or construct an apartment. Over the next three years, the bank will contribute BDT 3 billion to commercial banks and financial institutions for disbursement of the loans.

The Bangladesh Bank introduced a housing scheme to help low- and middle-income people in Bangladesh who do not own a house or an apartment. According to the bank, any person with a monthly income less than BDT 30,000 will able to receive a loan with a low interest rate (10 percent) to buy or construct an apartment. Over the next three years, the bank will contribute BDT 3 billion to commercial banks and financial institutions for disbursement of the loans.

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Bangladesh's SME's to Help Income Disparity

Setting up more Small and Medium Enterprises (SMEs) across Bangladesh could be the best way to promote gender equality, create employment, and reduce poverty in the country which faces growing regional income disparity. Bangladesh's Finance and Commerce Adviser Mirza Azizul Islam reported on the SME Foundation's plan to help entrepreneurial women receive funds, technical expertise, and market information.

Setting up more Small and Medium Enterprises (SMEs) across Bangladesh could be the best way to promote gender equality, create employment, and reduce poverty in the country which faces growing regional income disparity. Bangladesh's Finance and Commerce Adviser Mirza Azizul Islam reported on the SME Foundation's plan to help entrepreneurial women receive funds, technical expertise, and market information.

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Bangladesh to Implement New Tax

Bangladesh's National Revenue Board issued an order to impose a 10 percent tax on all annual income over BDT 25,000 accrued from savings instruments. Small savers are very upset and claim that the tax imposition is a breach of contract because they bought their savings certificates before the higher tax was implemented.

Bangladesh's National Revenue Board issued an order to impose a 10 percent tax on all annual income over BDT 25,000 accrued from savings instruments. Small savers are very upset and claim that the tax imposition is a breach of contract because they bought their savings certificates before the higher tax was implemented.

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bangladesh

Bangladesh To Build Hydropower Plants in Myanmar

Bangladesh is considering building hydropower plants in Myanmar that would export power to Bangladesh. A Bangladeshi delegation paid a visit to the Myanmar last week to explore the possibility and meet with existing hydropower plants. Bangladesh said it plans to request financial assistance from the World Bank and Asian Development Bank to fund the project. The delegation also plans to meet with Myanmar's top policymakers this week to discuss the issues.

Bangladesh is considering building hydropower plants in Myanmar that would export power to Bangladesh. A Bangladeshi delegation paid a visit to the Myanmar last week to explore the possibility and meet with existing hydropower plants. Bangladesh said it plans to request financial assistance from the World Bank and Asian Development Bank to fund the project. The delegation also plans to meet with Myanmar's top policymakers this week to discuss the issues.

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bangladesh

Bangladesh Investment Set to Increase in the Export Processing Zones

The Bangaldesh Export Processing Zones Authority (Bepza) has a bright outlook for the 2008 fiscal year. Bepza expects exports to climb to USD 2.3 billion and investment in the country's export processing zones to total USD 300 million. The increase in investment in the export processing zones will hopefully create a higher demand for workers; forecasts say it will raise total employment by 7,000 workers.

The Bangaldesh Export Processing Zones Authority (Bepza) has a bright outlook for the 2008 fiscal year. Bepza expects exports to climb to USD 2.3 billion and investment in the country's export processing zones to total USD 300 million. The increase in investment in the export processing zones will hopefully create a higher demand for workers; forecasts say it will raise total employment by 7,000 workers.

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bangladesh

Bangladesh Bank Expected to Raise Interest Rates

Bangladesh's central bank, Bangladesh Bank, is expected to tighten monetary policy further in curb inflationary pressures. Although the monthly inflation rate decreased from 8.28 percent in April to 8.05 percent in May, the calculated annual average increased from 7.02 percent in April to 7.06 percent in May. In order to decrease inflation further, the central bank will most likely increase interest rates on short-term monetary tools such as treasury bills.

Bangladesh's central bank, Bangladesh Bank, is expected to tighten monetary policy further in curb inflationary pressures. Although the monthly inflation rate decreased from 8.28 percent in April to 8.05 percent in May, the calculated annual average increased from 7.02 percent in April to 7.06 percent in May. In order to decrease inflation further, the central bank will most likely increase interest rates on short-term monetary tools such as treasury bills.

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bangladesh

Bangladesh Airline Industry Open to Private Operators

Since the state-run Biman Bangladesh Airlines stopped traveling on many routes, Bangladesh's airline industry is very attractive to private operators. United Airways, only the second private passenger airline in Vietnam, launched for the first time this week. The airline will fly to cities in Bangladesh six days a week and hopes to fly to cities in China and the Gulf soon.

Since the state-run Biman Bangladesh Airlines stopped traveling on many routes, Bangladesh's airline industry is very attractive to private operators. United Airways, only the second private passenger airline in Vietnam, launched for the first time this week. The airline will fly to cities in Bangladesh six days a week and hopes to fly to cities in China and the Gulf soon.

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bangladesh

Taiwan Plans to Increase Investments in Bangladesh

Taiwan plans to increase investments in Bangladesh's export processing zones, particularly in the leather and textile sectors. In 2006, Bangladesh imported about USD 500 million from Taiwan while it sent only USD 24 million back to the island. Bangladesh imports machinery, electronics and steel among others, while Taiwan imports shrimp, leather, handicrafts and teas.

Taiwan plans to increase investments in Bangladesh's export processing zones, particularly in the leather and textile sectors. In 2006, Bangladesh imported about USD 500 million from Taiwan while it sent only USD 24 million back to the island. Bangladesh imports machinery, electronics and steel among others, while Taiwan imports shrimp, leather, handicrafts and teas.

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South Asia Struggling to Keep Up with Cross Border Trade

As cross border trade and investment flows continue to soar on the back of rapid economic growth, South Asian nations are struggling to keep up without properly modernized regional payments systems. Ranee Jayamaha, deputy governor of Sri Lanka Central Bank, expects cross border trade and investment flows to exceed manageable levels within the next two years if the right payment instruments, clearing mechanisms and settlement systems are not utilized.

As cross border trade and investment flows continue to soar on the back of rapid economic growth, South Asian nations are struggling to keep up without properly modernized regional payments systems. Ranee Jayamaha, deputy governor of Sri Lanka Central Bank, expects cross border trade and investment flows to exceed manageable levels within the next two years if the right payment instruments, clearing mechanisms and settlement systems are not utilized.

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bangladesh

Bangladesh Takes Steps to Decrease Corruption

Bangladesh's government approved an act to implement laws aimed to stop money laundering and terror financing. Also, the tax authority is starting a drive to identify 365,000 new taxpayers in order increase domestic resources and reduce dependence on other nations. The drive is intended to raise BDT 438.5 billion in tax revenue.

Bangladesh's government approved an act to implement laws aimed to stop money laundering and terror financing. Also, the tax authority is starting a drive to identify 365,000 new taxpayers in order increase domestic resources and reduce dependence on other nations. The drive is intended to raise BDT 438.5 billion in tax revenue.

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bangladesh

Bangladesh Interested in Indian Market

Bangladesh aims to increase exports to India to approximately USD 1 billion by 2010. Bangladesh's government believes that there is a promising market in India for Bangladeshi goods such as garments, pharmaceuticals, cosmetic products, and cement. Currently, Bangladesh is currently facing many tariff and non-tariff barriers that are limiting opportunities in India. These barriers must be removed to allow Bangladesh increased access to the Indian market.

Bangladesh aims to increase exports to India to approximately USD 1 billion by 2010. Bangladesh's government believes that there is a promising market in India for Bangladeshi goods such as garments, pharmaceuticals, cosmetic products, and cement. Currently, Bangladesh is currently facing many tariff and non-tariff barriers that are limiting opportunities in India. These barriers must be removed to allow Bangladesh increased access to the Indian market.

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bangladesh

Bangaldesh's Foreign Exchange Reserve at New High

For the first time in the country's history, Bangladesh's foreign exchange reserve surpassed the USD 5 billion mark. The reserve reached a new high because of a fund released from the International Development Association (IDA) and a huge influx of remittances from workers abroad.

For the first time in the country's history, Bangladesh's foreign exchange reserve surpassed the USD 5 billion mark. The reserve reached a new high because of a fund released from the International Development Association (IDA) and a huge influx of remittances from workers abroad.

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bangladesh

Bangladesh to Increase Lending to SMEs

Bangladesh Bank (BB), the central bank of Bangladesh, is encouraging banks and non-banking financial institutions to increase lending to small and medium enterprises (SMEs). BB cannot directly lend to the SMEs, so they have introduced methods to increase the enterprises' access to finances through other institutions.

Bangladesh Bank (BB), the central bank of Bangladesh, is encouraging banks and non-banking financial institutions to increase lending to small and medium enterprises (SMEs). BB cannot directly lend to the SMEs, so they have introduced methods to increase the enterprises' access to finances through other institutions.

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Bangladesh Luring Swiss Investment

Bangladesh will attract more foreign direct investment (FDI) if they have investment- friendly regulations, sufficient infrastructure, and functioning institutions. If conditions in Bangladesh are promising, it is probable that there will be increased Swiss investment in the service sector. Also, trade between the two countries is likely to grow when the double taxation avoidance agreement is signed and if Bangladesh adheres to the international standard of worker's rights and social and environmental regulations.

Bangladesh will attract more foreign direct investment (FDI) if they have investment- friendly regulations, sufficient infrastructure, and functioning institutions. If conditions in Bangladesh are promising, it is probable that there will be increased Swiss investment in the service sector. Also, trade between the two countries is likely to grow when the double taxation avoidance agreement is signed and if Bangladesh adheres to the international standard of worker's rights and social and environmental regulations.

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bangladesh

Citigroup to Help Bangladesh's Human Resources

Citigroup, a world renowned financial institution, is very interested in developing human resources in Bangladesh. The company would work together with authorities and Bangladesh's government to increase skilled human resources. Having skilled human resources in Bangladesh would significantly contribute to the country's economic growth by allowing companies to more efficiently provide products and services to customers.

Citigroup, a world renowned financial institution, is very interested in developing human resources in Bangladesh. The company would work together with authorities and Bangladesh's government to increase skilled human resources. Having skilled human resources in Bangladesh would significantly contribute to the country's economic growth by allowing companies to more efficiently provide products and services to customers.

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Bangladesh Textile Sector Attracts Singapore Investment

The Singapore-based Textile and Fashion Federation (TaFf) has expressed a strong desire to invest in Bangladesh's composite textile sector. Because the textile sector in Bangladesh is so dominant, the Bangladesh government provides many types of textile facilities which makes it an attractive area for foreign investment. The TaFf is planning on presenting formal investment proposals soon.

The Singapore-based Textile and Fashion Federation (TaFf) has expressed a strong desire to invest in Bangladesh's composite textile sector. Because the textile sector in Bangladesh is so dominant, the Bangladesh government provides many types of textile facilities which makes it an attractive area for foreign investment. The TaFf is planning on presenting formal investment proposals soon.

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bangladesh

World Bank to Fund Project in Bangladesh

The World Bank will provide USD 275 million to Bangladesh for the installation of a 300 mega-watt power plant. The power plant will hopefully help the country-wide electricity problem by generating 6,000 mega-watts of needed electricity in the next five years. The project also complements a 240 mega-watt power plant funded by the Asian Development Bank.

The World Bank will provide USD 275 million to Bangladesh for the installation of a 300 mega-watt power plant. The power plant will hopefully help the country-wide electricity problem by generating 6,000 mega-watts of needed electricity in the next five years. The project also complements a 240 mega-watt power plant funded by the Asian Development Bank.

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Bangladesh and Bahrain Will Sign Agreements

Bangladesh and Bahrain are going to sign three agreements that will increase trade and investment between the two countries. The three agreements address Avoidance of Double Taxation, Investment Protection, and Air Services. The countries hope to strengthen their political, economic, and diplomatic relations.

Bangladesh and Bahrain are going to sign three agreements that will increase trade and investment between the two countries. The three agreements address Avoidance of Double Taxation, Investment Protection, and Air Services. The countries hope to strengthen their political, economic, and diplomatic relations.

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bangladesh

Water-Logging Causes Damage in Chittagong

Bangladesh's largest seaport city, Chittagong, suffered from water-logging and the ready-made garment sector is said to have lost over BDT 1 billion. Sources say that several hundred containers filled with exportable garments were destroyed due to the water-logging. Many of the garment exporters are furious because they claim that the off-dock management did not do anything to save the garments and is preventing the exporters from entering the container stuffing and handling areas to assess the total damage to their exports.

Bangladesh's largest seaport city, Chittagong, suffered from water-logging and the ready-made garment sector is said to have lost over BDT 1 billion. Sources say that several hundred containers filled with exportable garments were destroyed due to the water-logging. Many of the garment exporters are furious because they claim that the off-dock management did not do anything to save the garments and is preventing the exporters from entering the container stuffing and handling areas to assess the total damage to their exports.

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Dhaka Exchange Hails Government's Offloading of SoEs

Bangladesh's Dhaka Stock Exchange (DSE) is applauding a government decision regarding shares of State-owned Enterprises (SoEs), which analysts say will greatly increase the supply of securities in the market. The government announced it will offload a large number of SoE shares, including state-owned Jamuna Oil Company. In addition to this capital market-friendly move, a number of upfront and advance taxes will be lifted, which will greatly benefit development in the bond market.

Bangladesh's Dhaka Stock Exchange (DSE) is applauding a government decision regarding shares of State-owned Enterprises (SoEs), which analysts say will greatly increase the supply of securities in the market. The government announced it will offload a large number of SoE shares, including state-owned Jamuna Oil Company. In addition to this capital market-friendly move, a number of upfront and advance taxes will be lifted, which will greatly benefit development in the bond market.

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Bangladesh's Foreign Exchange Reserve Rising

The World Bank's development support, export growth, and remittance growth all contributed to the foreign exchange reserve reaching a new high of USD 4.76 billion. The Bangladesh Bank (central bank) reported that they believe the foreign exchange reserve will soon hold over USD 5 billion; they expect that the World Bank will contribute another USD 100 million and the International Monetary Fund (IMF) will also contribute USD 100 million before the end of June.

The World Bank's development support, export growth, and remittance growth all contributed to the foreign exchange reserve reaching a new high of USD 4.76 billion. The Bangladesh Bank (central bank) reported that they believe the foreign exchange reserve will soon hold over USD 5 billion; they expect that the World Bank will contribute another USD 100 million and the International Monetary Fund (IMF) will also contribute USD 100 million before the end of June.

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Myanmar, Bangladesh and Thailand Introduce a Trade-boosting Cargo Liner

In an effort to boost maritime trade, Myanmar, Thailand and Bangladesh will introduce a cargo liner that will stop at major cities in each country. According to Bangladeshi officials, cargo transport will be much more efficient for the three countries. Myanmar and Bangladesh currently have strong bilateral trade, reaching over USD 60 million, but both countries wish to increase it to USD 100 million and believe the cargo liner will provide the means to accomplish this goal.

In an effort to boost maritime trade, Myanmar, Thailand and Bangladesh will introduce a cargo liner that will stop at major cities in each country. According to Bangladeshi officials, cargo transport will be much more efficient for the three countries. Myanmar and Bangladesh currently have strong bilateral trade, reaching over USD 60 million, but both countries wish to increase it to USD 100 million and believe the cargo liner will provide the means to accomplish this goal.

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Bangladesh Bank Wants Full Autonomy

Dr. Salehuddian Ahmed, the Governor of the Bangladesh Bank, argued that to operate better in the banking sector, the Bangladesh Bank should have full autonomy like central banks in other countries. He claims that there are certain roadblocks for the bank such as sending their proposals to certain ministries before implementing decisions. Dr. Ahmed does not believe that if the bank achieves full autonomy that they will lack accountability.

Dr. Salehuddian Ahmed, the Governor of the Bangladesh Bank, argued that to operate better in the banking sector, the Bangladesh Bank should have full autonomy like central banks in other countries. He claims that there are certain roadblocks for the bank such as sending their proposals to certain ministries before implementing decisions. Dr. Ahmed does not believe that if the bank achieves full autonomy that they will lack accountability.

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Bangladesh's Tea Industry Suffering Due to Power Shortage

The power shortages in Bangladesh are negatively affecting the country's tea industry. The tea industry relies heavily upon electricity-run machines and the two major electricity suppliers are only able to provide half of the daily required megawatts. Although the government has designed projects to increase the availability of electricity to help efficiently run the industry, the projects have not been executed.

The power shortages in Bangladesh are negatively affecting the country's tea industry. The tea industry relies heavily upon electricity-run machines and the two major electricity suppliers are only able to provide half of the daily required megawatts. Although the government has designed projects to increase the availability of electricity to help efficiently run the industry, the projects have not been executed.

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Bangladesh's Remittance Increasing

Even though there is still a significant amount of illegal and informal money transfer in Bangladesh, the total amount of remittance inflow is expected to exceed USD 6 billion this fiscal year. Although private commercial banks have increased their earnings from remittance services, if banks could broaden the service coverage area by increasing the number of bank branches in remote areas, then the illegal transfer of money would decrease. If more foreign currency would enter the formal economy, Bangladesh would certainly enjoy many benefits.

 

Even though there is still a significant amount of illegal and informal money transfer in Bangladesh, the total amount of remittance inflow is expected to exceed USD 6 billion this fiscal year. Although private commercial banks have increased their earnings from remittance services, if banks could broaden the service coverage area by increasing the number of bank branches in remote areas, then the illegal transfer of money would decrease. If more foreign currency would enter the formal economy, Bangladesh would certainly enjoy many benefits.

 

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bangladesh

Central Bank Licenses Privatization of Bangladesh's State-run Banks

Sonali Bank, previously a nationalized commercial bank, received a license from the central bank to become a public limited company. Although the government will remain the owner of the bank, the bank's board of directors will have the power to make policy decisions and decide who will be its managing director. Janata and Agrani, two other nationalized commercial banks, also privatized, obtaining licenses from the central bank to become public limited companies.

Sonali Bank, previously a nationalized commercial bank, received a license from the central bank to become a public limited company. Although the government will remain the owner of the bank, the bank's board of directors will have the power to make policy decisions and decide who will be its managing director. Janata and Agrani, two other nationalized commercial banks, also privatized, obtaining licenses from the central bank to become public limited companies.

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bangladesh

Myanmar Cooperates with Asian Neighbors on Hydropower Production

Myanmar is cooperating with neighbors Thailand, China, South Korea, and Bangladesh on hydropower development by initiating a substantial number of hyrdopower programs with these countries. The driving impetus for these cooperative programs comes as a response to serious power shortages in Myanmar. Rich in water resources, Myanmar has great potential for development in the hydropower sector, but more foreign investment is still needed for the sector to develop.

Myanmar is cooperating with neighbors Thailand, China, South Korea, and Bangladesh on hydropower development by initiating a substantial number of hyrdopower programs with these countries. The driving impetus for these cooperative programs comes as a response to serious power shortages in Myanmar. Rich in water resources, Myanmar has great potential for development in the hydropower sector, but more foreign investment is still needed for the sector to develop.

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bangladesh

British and Canadian Investment in Bangladesh

As a result of a seminar held in London discussing investment prospects in Bangladesh, eight British companies and thirteen Canadian companies have signed memorandums of understanding (MoU) with the Board of Investment (BoI). Combined, the companies signed USD 1.53 billion worth of proposals. The investment will be in sectors such as power plants, tourism, leather garments, food products, building industry, five star hotels, textiles, and financial institutions.

As a result of a seminar held in London discussing investment prospects in Bangladesh, eight British companies and thirteen Canadian companies have signed memorandums of understanding (MoU) with the Board of Investment (BoI). Combined, the companies signed USD 1.53 billion worth of proposals. The investment will be in sectors such as power plants, tourism, leather garments, food products, building industry, five star hotels, textiles, and financial institutions.

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bangladesh

Turnover on Bangladesh's DSE at All-Time High

On June 3, The Dhaka bourse's total turnover hit at an all time high at BDT 2.068 trillion. Large investments made by institutional investors, including banks and non-banking financial institutions, are major contributors to the high turnover and recently comprise 85 percent of each day's total trade. An enormous flow of portfolio investment has also attributed to the high turnover. Market capitalization also surpassed its previous high and price indices rose.

On June 3, The Dhaka bourse's total turnover hit at an all time high at BDT 2.068 trillion. Large investments made by institutional investors, including banks and non-banking financial institutions, are major contributors to the high turnover and recently comprise 85 percent of each day's total trade. An enormous flow of portfolio investment has also attributed to the high turnover. Market capitalization also surpassed its previous high and price indices rose.

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bangladesh

Tajikistan and Bangladesh to Expand Bilateral Economic Cooperation

According to Tajikistan presidential press services, President Emomali Rahmon expressed much interest in expanding political, economic, and cultural cooperation with Bangladesh after meeting with Shamim Ahsan, Bangladeshi Ambassador to Tajikistan. During the exchange, both sides vowed to boost bilateral trade and discussed prospects of an expansion of bilateral cooperation. It was noted that both nations share similar stances on a number of issues concerning international policy, which will lay the foundation for a stronger relationship.

According to Tajikistan presidential press services, President Emomali Rahmon expressed much interest in expanding political, economic, and cultural cooperation with Bangladesh after meeting with Shamim Ahsan, Bangladeshi Ambassador to Tajikistan. During the exchange, both sides vowed to boost bilateral trade and discussed prospects of an expansion of bilateral cooperation. It was noted that both nations share similar stances on a number of issues concerning international policy, which will lay the foundation for a stronger relationship.

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bangladesh

US$4 Billion Investment in Asia Planned by Chevron Corp.

Focusing on petroleum expansion and production in Asia, Chevron Corp. will invest about US$4 billion in a number of Asian nations this year, worth 20 percent of their projected global spending. Chevron's major endeavors include an offshore liquefied natural gas (LNG) project in Australia, petroleum production in Indonesia and Thailand, and enhanced exploration drilling in Bangladesh, Vietnam, and Cambodia. In addition, Chevron has slated five exploration and production projects in China.

Focusing on petroleum expansion and production in Asia, Chevron Corp. will invest about US$4 billion in a number of Asian nations this year, worth 20 percent of their projected global spending. Chevron's major endeavors include an offshore liquefied natural gas (LNG) project in Australia, petroleum production in Indonesia and Thailand, and enhanced exploration drilling in Bangladesh, Vietnam, and Cambodia. In addition, Chevron has slated five exploration and production projects in China.

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bangladesh

Nobel Laureate Implores US to Allow Bangladesh Market Access

Speaking at a Senate hearing in Washington, Nobel laureate Dr. Mohammad Yunus called upon the US to respect its commitment to the Millennium Development Goals and allow Bangladesh traders duty-free access to US markets, particularly in the area of textiles. Under the Millennium Development Goals, less-developed countries are allowed duty-free access to US, Canadian, and EU markets, which, in Bangladesh's case, would create widespread textile employment opportunities and overall economic growth.

Speaking at a Senate hearing in Washington, Nobel laureate Dr. Mohammad Yunus called upon the US to respect its commitment to the Millennium Development Goals and allow Bangladesh traders duty-free access to US markets, particularly in the area of textiles. Under the Millennium Development Goals, less-developed countries are allowed duty-free access to US, Canadian, and EU markets, which, in Bangladesh's case, would create widespread textile employment opportunities and overall economic growth.

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bangladesh

ACU Considers Multi-Currency Adoption, Names New Members

Meeting at the 36th board meeting of the Asian Clearing Union (ACU), the directors of the union's member banks created a technical committee to look into the possibility of introducing multi-currency settlements. Currently, ACU countries are required to settle external trade payments exclusively with US dollars. In addition, the ACU welcomed Afghanistan and the Maldives to its ranks, and have extended membership invitations to a number of Central Asian and CIS nations.

Meeting at the 36th board meeting of the Asian Clearing Union (ACU), the directors of the union's member banks created a technical committee to look into the possibility of introducing multi-currency settlements. Currently, ACU countries are required to settle external trade payments exclusively with US dollars. In addition, the ACU welcomed Afghanistan and the Maldives to its ranks, and have extended membership invitations to a number of Central Asian and CIS nations.

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bangladesh

Bangladesh: Export Sector Reaches $9036.45m

In Dhaka, Bangladesh, exports grew by 20.21 per cent to $9036.45 million during the first nine months of the fiscal year 2006-07. It is believed that frozen food, ceramic products, handicrafts, footwear, cut flowers, agro processed goods and engineering products have helped to contribute to the overall growth in exports.

In Dhaka, Bangladesh, exports grew by 20.21 per cent to $9036.45 million during the first nine months of the fiscal year 2006-07. It is believed that frozen food, ceramic products, handicrafts, footwear, cut flowers, agro processed goods and engineering products have helped to contribute to the overall growth in exports.

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bangladesh

Bangladesh's Plans for Direct Flight Trade with Myanmar

In an attempt to boost exports, particularly in the pharmaceutical industry, Bangladesh's Commerce Ministry has initiated a proposal to its government's Council of Advisers to begin direct flight service to neighboring Myanmar. The Commerce Ministry has also proposed resuming border trade with Myanmar, their third-largest export destination for pharmaceuticals. A meeting between Bangladesh's Commerce, Civil Aviation, and Shipping ministries is imminent, but a foreign currency crisis and an inadequate amount of banking facilities in Myanmar must be overcome before any progress is made.

In an attempt to boost exports, particularly in the pharmaceutical industry, Bangladesh's Commerce Ministry has initiated a proposal to its government's Council of Advisers to begin direct flight service to neighboring Myanmar. The Commerce Ministry has also proposed resuming border trade with Myanmar, their third-largest export destination for pharmaceuticals. A meeting between Bangladesh's Commerce, Civil Aviation, and Shipping ministries is imminent, but a foreign currency crisis and an inadequate amount of banking facilities in Myanmar must be overcome before any progress is made.

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bangladesh

Bangladesh: Obstacles for FDI

Political instability, bureaucracy and corruption have been identified as major obstacles in attracting foreign direct investments to Bangladesh. Furthermore, discontinuity in policies, shortcomings in the legal system, as well as a lack of infrastructure and poor port management seem to bar investors from capital expenditure. The government has already adopted policies to overcome the mentioned impediments but it is not yet clear whether the negative trend in FDI of the last two fiscal years can be reversed.

Political instability, bureaucracy and corruption have been identified as major obstacles in attracting foreign direct investments to Bangladesh. Furthermore, discontinuity in policies, shortcomings in the legal system, as well as a lack of infrastructure and poor port management seem to bar investors from capital expenditure. The government has already adopted policies to overcome the mentioned impediments but it is not yet clear whether the negative trend in FDI of the last two fiscal years can be reversed.

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bangladesh

Bangladesh's Prolonged Power Crisis Stagnates Production

Bangladeshi production faces challenges as load shedding and voltage fluctuations hamper productivity levels in Satkhira Sundarban Textile Mill, one of the nation's leading industries. Managers report that output is running at half capacity, with numerous machines completely withdrawn from production. These series of shocks have left workers struggling to live off of a portion of their usual salaries until financial profits are brought back to full capacity.

Bangladeshi production faces challenges as load shedding and voltage fluctuations hamper productivity levels in Satkhira Sundarban Textile Mill, one of the nation's leading industries. Managers report that output is running at half capacity, with numerous machines completely withdrawn from production. These series of shocks have left workers struggling to live off of a portion of their usual salaries until financial profits are brought back to full capacity.

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bangladesh

India Removes Non-tariff Barriers on Bangladesh Cement

In order to remove India's non-tariff barriers (NTBs) on Bangladesh cement exporters, a four-member Indian experts team will visit Bangladesh to test the capabilities of Bangladesh Standard and Testing Institute (BSTI) for cement quality. This policy might reduce local cement entrepreneurs' export cost and release the saturated situation of cement production in Bangladesh.

In order to remove India's non-tariff barriers (NTBs) on Bangladesh cement exporters, a four-member Indian experts team will visit Bangladesh to test the capabilities of Bangladesh Standard and Testing Institute (BSTI) for cement quality. This policy might reduce local cement entrepreneurs' export cost and release the saturated situation of cement production in Bangladesh.

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bangladesh

Bangladesh plans on recieving US$200m from World Bank

The World Bank plans on supplying Bangladesh with US$200 million to help combat corruption and help reform the financial and energy sectors of the country. Previously, funds have been held back due to various unmet conditions but the country's current activities and reforms have a more optimistic view on the World Bank's financial plans. The disbursement of funds plans to be released by June, 2007.

The World Bank plans on supplying Bangladesh with US$200 million to help combat corruption and help reform the financial and energy sectors of the country. Previously, funds have been held back due to various unmet conditions but the country's current activities and reforms have a more optimistic view on the World Bank's financial plans. The disbursement of funds plans to be released by June, 2007.

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Other Important News In Bangladesh


Cheap Rice for Bangladesh Workers

The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country.

The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country. The global economic crisis has dwindled the demand for the country's number one export, creating a surplus in the supply of the good. Selling it at a lower cost will not only ensure that inventories don't accumulate and eventually go to waste, but it also helps the financial situation of millions of workers who make less than $1 a day.

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DSE Index Back Above 2600-mark as Stocks Rally

The Dhaka Stock Exchange (DSE) rallied passed the 2600-mark as stocks continued to rally for the second-straight day.

The Dhaka Stock Exchange (DSE) rallied passed the 2600-mark as stocks continued to rally for the second-straight day. The DSE closed at 2604.72 with a gain of 30.24 points. The rally has been accredited to various measures led by the government - in particular state-owned financial institutions- in order to boost the confidence of investors. This news comes despite eight of the top ten gainers coming from the Z-category. Despite majority of the top-gainers coming from the Z-category overall the DSE General Index saw 179 out of 268 traded companies gain, whilst 83 declined and six remained unchanged.

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Bangladesh: Govt to Take Steps For Improving Communication System

Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country.

Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country. The minister further stated that while seeking to improve economic relations with India, Bangladesh realized the need for development of road and rail communications between the two countries. Projects to ameliorate transportation infrastructure between the two countries will also be included in the Ministry's future plans.

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US Fund Invests $67m in Bangladesh

Bangladesh's second biggest drug maker, Beximco Pharmaceutical, has received a $67 million investment from a US equity fund to boost production and exports.

Bangladesh's second biggest drug maker, Beximco Pharmaceutical, has received a $67 million investment from a US equity fund to boost production and exports. The investment marks the largest investment ever for Bangladesh's booming pharmaceutical sector. Beximco Pharmaceutical vice-chairman said, "The investment by a US fund reflects the tremendous confidence shown by foreign investors in the Bangladesh market."

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Asia Pharma Expo-2009 kicks off in Bangladesh's capital

The 2009 Asia Pharma Expo has begun in the capital of Bangladesh, Dhaka.

The 2009 Asia Pharma Expo has begun in the capital of Bangladesh, Dhaka. The annual event is held for world class pharmaceutical companies to display their products on a global stage. Nazmul Hassan, Secretary general of Bangladesh Association of Pharmaceutical Industry, has said "it is an event where all pharma sector insiders from across the world are invited to participate to share knowledge to further promote their position in global market." The event is a three day function attracting more than 400 pharmaceutical companies from 32 different countries. It is expected that over 8000 pharmaceutical professionals from around the globe will attend the event which will wrap up on Saturday.

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Bangladesh Hires Company to Design US$ 1.8 Billion Padma Bridge Project

Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge.

Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge. The design process is to start as the cabinet met in its first meeting on Monday. The estimated cost of the bridge is upwards of US$1.8 billion. This comes as another move to improve infrastructure within the nation. The firm that has won the designing project says designing alone will cost nearly US$ 20.3 million. The bridge is to be 6.01Km spanning from Mawa to Jaira across the massive Padma River. International lenders are to fund to project including Asian Development Bank, World Bank, Islamic Development Bank and the Japan Bank for International Cooperation.

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Bangladesh on Track to Hit Growth Target- Central Bank Chief

Bangladesh is back on track to reach a 6.5 percent economic growth rate as rising confidence has arisen from greater political stability and a promising crop forecast.

Bangladesh is back on track to reach a 6.5 percent economic growth rate as rising confidence has arisen from greater political stability and a promising crop forecast. The government initially stated that the economy could grow as little as 4.8 percent, however immediately revoked such statements. "The country is now poised to achieve 6.5 percent annual growth as envisaged in the current year's budget announced in June 2008," central bank governor Salehuddin Ahmed told reporters at his office on Wednesday. Later this was also revised and a growth rate of 6.2 percent was announced to be more likely taken into account the likely impact of the global financial crisis. Bangladesh, with a population of over 150 million people and the most densely populated country on the planet, produced similar growth rates during the previous fiscal year. This current year has begun with optimism as the country's "fairest elections in history" have allowed for what should be a relatively stable government after a long period of being guided by the caretaker government. Furthermore, the nation's agricultural crops will provied for a tremendous harvest, putting to rest issues of food security, in the short term at least.

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Swedish Hedge Fund to Invest in Bangladesh

Brummer & Partners, a Swedish hedge fund manager, has announced its plans to invest in Bangladesh stocks and private-equity investments.

Brummer & Partners, a Swedish hedge fund manager, has announced its plans to invest in Bangladesh stocks and private-equity investments. The company plans to grow the fund from $53 million to $500 million in the next five years. Brummer & Partners believe that Bangladesh might become one of the fastest growing economies in the region due to its large labor force and proximity to India and China.

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Bangladesh and Burma in Oil Row

Bangladesh sent diplomats to Myanmar in order to resolve a territorial dispute between both countries over the Bay of Bengal.

Bangladesh sent diplomats to Myanmar in order to resolve a territorial dispute between both countries over the Bay of Bengal. The bay is rich with natural resources including oil and natural gas, making it hard for either of these poor nations to back down easily.

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WB to Provide Bangladesh with $130m to Help Food Price-Hit Poor

The world bank has announced that it will provide a Us$130 million credit to Bangladesh in order to alleviate the pressure on the country's current budget.

The World Bank has announced that it will provide a Us$130 million credit to Bangladesh in order to alleviate the pressure on the country's current budget. Bangladesh's economy has been suffering from high food prices which has resulted in a 3% increase on the country's poverty rate. With the help of the World Bank, Bangladesh will be able to assist poor families and continue its social protection programs.

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